The Recession is Not Over!

The western news media continues to make people believe that the economic downturn faced by the United States and its stooges in Europe is over and they are on the road to recovery. The continued outbursts of such lies from the mouths of western politicians only intend to stop people from panicking and retaining their privileged positions in power. However, the reality is very different from the lies broadcast around the world. 

The economic crisis continues unabated in the United States and the Democratic Party led government is almost at the cross crossroads as the midterm election draws near. Thousands of people continue to lose their jobs every week and home foreclosures on mortgages are up again. In the year 2009, 3 million homes were foreclosed and another 3 million are expected to be foreclosed by the end of 2010.The signs of an economic recovery are not close and US financial system is in a terrible mess. Trillions of dollars have been poured into the wars in Afghanistan and Iraq but still the US and its allies are not winning. The eye of the storm is about to arrive in the form of depression or a systematic collapse.     

The United Kingdom, Greece and Spain have recession plagued economies and are being dragged into Europe’s debt crisis. Spain, the eurozone's fourth-largest economy, also once among Europe's largest creators of jobs and boasting more than a decade of solid GDP growth, is now suffering its worst recession in decades. Britain’s Conservative led coalition government has unveiled the country’s toughest budget in 30 years, making the opposition to accuse them of squeezing the public sector. On May 5, 2010, a nationwide strike in Greece was held in opposition to the planned spending cuts and tax increases. The demonstrations and unrest in Greece led to the deaths of three bank workers, left dozens injured, and resulted in more than 100 arrests.    

So much has changed in the United States during the last 20 years. Not enough health care, increasing poverty, and institutionalised disparity between the rich and the poor have made Americans indifferent to social suffering and inequity. The nation's infrastructure has deteriorated as a result of misplaced priorities. Crimes such as murder, robbery, theft and rape are on the rise as a consequence of social deprivation. The US must admit that ‘third world’ conditions exist within its borders.

It is customary to point fingers at each other when things go wrong. Britain's new chancellor, George Osborne of the Conservative Party, claims the previous Labour Party administration took the country to the edge of bankruptcy. The British government spent more than $1.25 trillion on bailing out banks following the economic crisis. It has helped push the deficit in Britain to more than 11 percent of GDP, one of the highest debts in Europe.

The West’s financial meltdown is still far from over and is expected to become worse in the coming months or perhaps years.    

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Written by: Ibrahim Nazim
8 October 2010, Friday
29 Shawwal 1431